Cement News

Big opportunities cement Macquarie Asset Management head’s move to NYC

He will be stationed at Macquarie’s new U.S. office at 660 Fifth Ave. — a move from offices at the Avenue of the Americas Plaza that will accommodate the firm’s growing team. Macquarie AM has more than 900 staff in the Americas and has made a number of strategic acquisitions over recent years of firms headquartered in the U.S., including equity and fixed-income manager Waddell & Reed Financial Inc. and investment advisory firm Central Park Group LLC.

And while Mr. Way is not ruling out further acquisitions, Macquarie AM executives have plenty to be getting on with in terms of organic growth and the development of new offerings — something the firm’s latest high-profile hire is tasked with.

Peter Glaser joined in London as Macquarie’s first global head of the private credit and asset finance team from Alcentra, where he was head of European direct lending. Earlier this year, Alcentra’s parent company, Bank of New York Mellon, announced the sale of the $36 billion credit specialist to Franklin Templeton.

Today, Macquarie Asset Management has $11.4 billion in private credit assets under management, spanning infrastructure, real estate and structured credit, and the firm also invests in movable transportation assets through its $1.7 billion asset finance business.

Mr. Glaser’s appointment “will help us to turbocharge the opportunity we see,” Mr. Way said, citing data provider Preqin’s analysis showing the global private debt market is set to hit $2.69 trillion in assets under management by 2026.

The wider private markets business also includes infrastructure, renewables, agriculture and real estate.

“We continue to see really good support for all of our different products in terms of those strategies,” Mr. Way said, with record-size vintages for some strategies. In May, the firm closed the Macquarie Asia-Pacific Infrastructure Fund 3 at more than $4.2 billion — exceeding the $3 billion target. The second fund in the series closed in 2018 at $3.3 billion.

“We’re raising bigger funds more quickly than ever before (and) deploying them incredibly quickly, which allows us to go back to the market quicker than we did (before). It’s a good example of the maturing and diversification of clients around the world who have an interest in these private markets asset classes, and a good example of how infrastructure has matured,” with the scale of opportunities increasing, bigger transactions and more sectors in which to invest, he said.

Macquarie is looking to the infrastructure secondaries market in particular as an area of growth. The firm expects the infrastructure secondaries market to reach $67 billion by 2025 — more than three times its $19 billion size today.

“Just as private equity got mature enough and there was enough actual scale, managers and vintages to create a secondaries market about eight to 10 years ago, now we see the same sort of conditions for infrastructure secondaries,” Mr. Way said. “That creates, we think, a new opportunity to be able to diversify our product suite in a sector we know well and can really add value for clients.”

As such, the firm has been building out its business. Over the past year it has made a number of hires, including the appointment of Irina Luckey as managing director in Europe, the Middle East and Africa, and Charles Spiller and Bing Wong as senior adviser and senior vice president, respectively, both in New York. And the secondaries team has executed more than $500 million of transactions over the same period.

Source link

Leave a Comment